HomeMy WebLinkAbout0721ttorwwe~ and l.e~de~ covena~t and agne es [ollows:
1. Payment of Principal end Intereat. E3orrower shall promptly pay when due the principal ot and intereet o~ the indebtcdneas
evidenced by the Note, prepayment and late cha~ges ae pn~vided io the Note, and the princips~l of ~nd ioterest on any F uture Advancee secu~ed
by this Mortgage.
2. ~de for 7'axea and Ineurance. Subject to applicuble law or to a writlen waiver by I.rndcr, liurrower aball pny to I.ender on the day
monthly installmenta ot principal and intereal are payable undrr the Note, until the Note is paiid in full, u sum Ihe~ein "F unda") ryual to one
tw•e1Rh of lhe yearly taxea and assessmenta which may attz~in priority over this MortKaKe, nnd ~ound rentx on lhe f'roperty, if any, plus onc~
twelfth otyea~ly pmmium installmenta for hazard inxurs~nce, plua o~rtwrlfih of yearly pmmium installme~ls [or mortKaiKe insur:ince, if any,
all as reas~nably estimated initially and from time to tiR~e by Ixnder nn the t-asis of ussessmentx und bills and reasunable extimates Ihereof.
The FLnda shall be held in an institution the depusits or accuunte of which are insured ur Kus~r.~ntecd by a Federal or State ngency
~~ncluding l.ende~ if l.ender is such an institution). I.ender shnll apply the Funds to p:iy at~id taxes, asse~;ments, insu~unrn prrmiums and
Kn~und rente. I.ender may not charge for so holding and applying the Munds, analyzing said account, nr verifyinK and compilina said
asaesaments a~d bills, unleas [.ender pays Borrower intereal on the F unds cind upplicable law pe~mitx I.ender to makesuch a rharge_ t3orrower
and Lender may agree in writing at the time otexecution of this Moetgage thnt interest on the Munds shall be paid w I3orrower, and unleas
such agreement ia made or applicable law requires auch intereat to be paid, I.ender shaU not be reya~red b E-uy Fiorrower any interext or
rxrnings on the ~Lnde. Lender ahall give to Horn,wer, without charge, ain annual :-ccY,unting ntthe F unds showinK credits and debite to the
H'unds and the purpoae [or which each debit to the F unds w:~s made. The h unds are pledKed as additional xecurity forlhe suma secured by thie
Mortgage. .
!f the amounl of lhe Funda held by I.ender, t~ether with the futurc monthly inst:~llments of F'unds payable prior to the due dates of taxea,
aaseasmenta, inaurance premiume and gnwnd rnnts, shuil rxc ~ed the amount required to pay said taxes, assessments, insuranrn premiums
and ground rents as they fall due, auch exceas shall be, at E3orn-wer's option, either prumpUy repaid to Born~wer or credited to F3orrower on
monthly instaUmente of Fundn. If lhe amount of the H unda held by t.rnder sh~ll not be sufficient to pay taxex, assexsments, insurance
premiums and ground rents as they fall due, fiorrower shnU pay to l.ender any :~mount ne~rxsarv to make up the deficiency within :30 daya
frum the date notice is mailed by I,ender to f3orrower reyuricting payment thereof.
Upon payment in full of all auma secund by this Mortgage, l.ender shall prumptly refund to I3orrower any tunds held by I.ender_ If under
paragraph 18 hereof the Property is sold or the ('roperty is otherwise acquired by I.ender, l.ender shall apply, no later than immediately prior
to the sale of the Property or its acquisition by l.ender, any h unds held b~~ I.ender at the time of application as a credit against thesums secured
by thie Mortgage.
:i. Applieat~on of Paymente. Unless applicable lnw provides otherwi4e, all payments received by I.ender under the I~ote and
p.~ragraphs 1 and 2 hereof ahall be applied by I.ender fi~t in paymrnt of.~moun~s payable to I.endrr by Iiorrower under p:~ragraph 2 hereof,
then to inlerest payable on the Note, then to the principal of the \~~te, and then to interest ~-nd p~ncipal on any F uture Advances.
-t. Charget;; Liens. BormN•cr shall pay all tar~~s,;~s.~~+sm~•nt,e ar~d uth~•rchar~;rs, fincw and im~H~sitiuns attributahleto the I'ruperty v-hich
ma>• :-ttain a priority ovcr thi4 MortKaKe, and le•:~sehold pay~nents or Kmund r~~nts, if :~ny, in thc mannt•r pruvidecl under paraKr:~ph'l hern~f or.
,f n~~t paid in such manner, b) I;1~R11K'er makinK p.~ymc•nt, when dur, dinytly t~~ the p:~~~~ti• th~•n.~C liurn~w~•rshall prumpth furnish to I.ender
.+II nutimsof amount~, due under this p:ira~,~raph, :~nd in thv r~•~ml It~~rru~n•er .h:~l) m:~k~• pa~•mi•nt din~c•th, 13urrow~~r shall promptly furnish G-
L<•nder receipLs evidencing such paymentc. Ii~~rruw~~r shall prumptly diccharKr any li~•~ M•hi~•h h:~s prinrih m•rrthis ~tort~;:iKe; provided, that
li~ ~rrower shall not t-e reyuireci to diccharKr :~ny .urh lii•n s~~ lun~; a~ I~11RUN'Pf SFI:III :it;n~• in writin~ tu t hi• p:~ymrnt ~~f th~• ubliK:ition securc~cl hy
~u~ h lien in a manner acceptable tu Ixndi•r. ~~r ~hall in ~~~xl L•~ith ~•unti~t .u~-h li~•n by.urd~•frnd enEun•~•rne~ntufsuch li~•n in.l~•~;al procecYlings
whu•h operate tu prevent the enfurcrm~•nt uf thi~ I~~n ur fnrfritum ~~f th~• 1'r~~p~•rt~• ur any p:~rt th~~nr~f.
:~. Nazard Inaurance. fiorrower ahall k~Y•p thi• ~mpr~~~~rment. nuw rxititin~ ~rr hereaCtrr rrertrd un thr 1'roperi~ insurc~l aKainst loss bp
tir~•. hazards includecl v-ithin the tertn "extend~d ~ti~v~•raKe." und cuch uther h:~zards as f xndrr may nY~uir~~ and in such :imuunl.ti and forsuch
E~~•rir~ds .is I.ender may require: pro~•idrd, that 1 A•nd~~r .hal) nol nti~uire that th~• am+~unt uf sui~h ~YweraKt• c•xcr~Yi that .~muunt ~-f rnverage
r~~c~uirecl to pa~~ the sums sec•ur~d by this NurtKaK~~.
The insurancr camc•r prucidin~; th~~ insuran~•~• sh:~{I hr ~~h~~crn h~~ K~~rn~K~rr subj~yt t~~ appru~•al hc 1.~•ndrr. pnrcidtyl. that such appru~•al
.h:~ll not be unre.-wnabh w•ithh~•id. All pn•tnium. ~~n ~nwr.~n~~~• p~~li~•i~~ •hnll Iw• p:ud ~n thr rn:u~nrr pnn~id~~l und~•r p:ir.~~:r.~ph'~ herf.rf or. if
n~~t pt~id in sueh manner, by fi~~rn~vci•r m:~kin~; p:~emrnt. ~eh~•n ~Iw~. d~n•~~tl~ t~~ th~• m.ur.~ni-e• i•arne•r. .
All insurance policies and renew•als thereo[shalllkr in furm acc~•pt:~hlt• tn 1 ~md~•r and shall include a st.indard mnrtKaKrclau.~ in fa~oruf
.t nd in form acceplable to I.ender. I.ender shall ha~•e tht• ri~;ht a~ h~~ld t h~~ ~r~li~•ir. and rrn~~w:+l. th :~rc~of, and linrrnw~er ~h.iU prumptly fumish to
i~•nder all renewal ~otices and .+11 recr~pts nf pa~d premium. In th~• i•~•i~ut ~~f I~~ss, 1{nrrua~•r sh:ill K~ct• prumpt n~~tice to thr insurance carrier
:~nd I.ender. t.ender may make pnNrf uf lus~ if nut mad~~ pn~mpUc by Ii~~rruK•rr
Unless I.ender and &~rrower othervcise• aKrtK• ~n wntinK. insurance pnKrkKi~ .h:~ll F-e :~pplir~l tu r~ctorahun or repair of the Pruperty
~f.imaged, pro~ided such resU-ratiun or rt•pair ~s ~runorm~ :+Ily fi•asihle and the• ~~.•unh• uf this ~tortKaKe is not thereb~ impaired. If such
rt•sGiralion or repair is not econumically f~•asilrl~• ~~r ~f thF~ ~~Y~unh• nf this ~1ortKa~;r~-~~uld t-eimpain~l, thetnsuranceprociYdsshall heapplied
t~~thesumssecuredbythis;llnrlKaKt•.w~thth~•rx~•t•.~,dam,p:udtott~errower Ifth~YruEN•rt~is:Jr;indoncYlbpF3orrower,uriflinrn~werfailsto
re~;pond to Lender within :i(1 dacR from thr d:~tr noh~•t~ ~. ma~br! b~ 1~•nd~•r u~ I3/~ff/~K'f•r that lhr insurance carrier offers to settle a claim for
~ntiurance benefits, I.ender is authorizEtil to ~•~~U~vt and apph• th~• ~nsur.~ni•r pr~K•f~e•ds at I~•nder'c uption either tu restorati~~n ur repair of the
1'roperty or the sums scrurcKl by this ~lnrttiaKr. .
L'nless I.ender and F3nrrower othen+isi• aKrt~~ ~n ~+•nt~nK.:in~• sw•h:+p~~li~•.+tinn of pmc~~c~ds to principal shall not extend ~~r pustponethedue
d.ite of the monthly inst~llments rFfrrr~Y1 tn in par:~~;raphs I and'L!u~r~~~dur~•h:~n~;i• the•:~mnunt of such installmenG~. If under paraRraph lti
hereof the Property is acyuirrd by I~endFr, all riKht, tid~~ and ~ntert•st of Rorruw•~•r in and t~~ any inrurance {xiticies and in and to the proceeds
thereof reeulting from damaQe t.~ Property priur to th~• sale ur a~-ywsiti~~n xhall p:iss t~~ 1~•nder to the extent of the sums secured by this
~t~~rtgage immediately prior to such sale ur acquisitiun.
6. f'reeervationandMaintenanceofPropi•rty:l.easi•holdti:('~~ndominums:PlanncdUnitDc~clopmenta.Eiorrowershallkeep
thE~ P~operty in good repair and sh:ill not commit w•a.t~• ur ~N•rmit ~mpaurm~•nt ~~r d~•t~•noratiun of the Propert~ and shall cumplt w-ith the
pnn•itiions of any lease if this MortKaKe is un a leaseh~~ld. If this ~1urtK:+~;r i~ nn :~ unit in a ctimdominium or a planned unit develupment,
li~~rr~~wershall perform ~I) of li~~rruwer'v obli~;atiun~ un~ler th~•diy~L•~ratinn ur~o~•rnants ~•m:it~n~;orKo~•ernmK thecundominiumorplanned
un~t developmenl, the by-law•s and reKulations of thF• cunduminium ur E~I:inntrl unit development, and rnnstituent d~x~uments. if a
~~~~nduminium or pl.~nned unit dr~•elupment rider i~ rx~YVtir1 by I~~RUNPf and ff'('O~(I(YI ~O~ethcr wnth this MortKa~e, the covenante and
~y;nK•ments r~tsuch rid~r ch~ill fa~ incor~~urat~~ ~nt~~ and .hall :~m~•nd :~nd supple•rne•nt the~•oernants and aKrcti~mrnLY of this HlortqaKeas if the
ndt•r were a p.~~ F1PfEYlf.
7. ProteMion of Lender'e 5ecurity. If l3orn~wer faile G- perfnrm the cYivenantx and agreements contained in thie Mortgage, or if any
:~ction or proceeding ie commenced which matenally effecte l.ender'a intereet in the 1'roperty, including, but not limited to, eminent domain,
inRUlvency, code enfonement, or arrangemente or pmceedinRe involving a bankrupt or decedent, then l.ender at I.ender's option,upon
n~~tice to Borrower may make auch appearancee, diaburee auch auma and take auch actiun as is neceaeery to protect l.ender's interest,
including, but not limited to, dieburaement of reaeonable attorney'e feee and entry upon the Property to make repaire. If Lender required
m~rtgage ineurgnce se a condition of making the loan aecured by thiP blortKaKe, Rorrower Ahall pay the premiume required to maintain
Puch ineurance in effect until euch time ae the reyuirement tor auch inaurance terminates+ in accordance with I3orrower'e and I.endere
w•ritten agreement or applicable [~w. E3orrower ehall pa~ the amount of all mortKaKe insurance premiuma in the manner provided under
paraqraph 2 hereof.
Any amuunte diebursed by I.ender perauant u~ thia par:igraph i, with ~ntereNt thereon, shall F-ecome additional indebtednesa of
Ft~~rrower aecured by this Mortgage_ Unless t3orrnwer and I.ender aKree to other terme of p~~yment, auch amounte~ ehall t:e payable upon
nr,tice from I.ender to Borrower requeating payment thereof, and ehall bear interext fr~~m the date of disbureement at the rate payable from
hme to time on outi+tanding principal under the Note unle.9x payment uf intereet at such rate would he contrary to applicable law, in which
~•veM such amounta shall bear interest at the higheet rate permisaible under applicable law. NothinR contained in thie paragraph 7, ahall
require I.ender tc~ incur any espenae or take any action hereunder.
~[~~K,,`t6 P»GE 7~:J